Minister Piyush Goyal predicts record-breaking exports while acknowledging key imports remain unavoidable due to high demand.
India’s exports are on track to achieve a record $800 billion in the 2024-25 fiscal year, Commerce and Industry Minister Piyush Goyal informed the Rajya Sabha. He emphasised that exports have shown significant growth over the past four years and will continue to rise, marking a historic milestone for the country.
Goyal dismissed concerns about declining exports, stating that the figures reflect a strong and growing trade performance. He also reassured that India’s forex reserves have remained consistently above $600 billion, negating fears of any economic instability.
However, the minister acknowledged that certain imports, such as petroleum products, coking coal, pulses, and edible oils, are “unavoidable” due to domestic shortages and rising demand. He explained that the increase in imports is a positive indicator of economic growth, as it reflects higher domestic consumption.
“It takes time to establish production units. Until then, imports will naturally rise. But this also attracts industries to these sectors, creating jobs and boosting investment,” Goyal stated.
The minister further noted that the 2025-26 budget has strengthened consumption spending by offering tax relief to the middle class, which is expected to further drive economic activity.
(Source: EXIM India)
